On November 21, 2025, Hydro One Inc., a wholly owned subsidiary of Hydro One Limited (collectively, Hydro One) completed an offering of $1.6-billion Medium Term Notes (the Notes), consisting of $1.2 billion of 3.90 percent Medium Term Notes, Series 64, due 2033, and $400 million of 4.80 percent Medium Term Notes, Series 65, due 2056. The Notes were offered on a best-efforts basis in each of the provinces of Canada through a syndicate of agents.

Hydro One Limited, through its wholly owned subsidiaries, is Ontario’s largest electricity transmission and distribution provider with 1.5 million valued customers, $36.7 billion in assets as at December 31, 2024, and annual revenues in 2024 of $8.5 billion.

Osler, Hoskin & Harcourt LLP advised Hydro One with a team consisting of Michael Innes, Amelia Miao and Katharine Li (Corporate), David Davachi and James Chang (Tax), Samuel Cohen and Émilie Carignan (Translation).